Category Archives: North Penthouse

Sunny Isles Beach condo inventory has increased 4% over the prior month to 1,132 total condos for sale and 41 closed sales in the last 30 days (27.6 month supply). So far in 2010, 463 Sunny Isles Beach condos have sold via MLS database with an average sale price per square foot at $239 per square foot. In a contrast comparison of luxury oceanfront condos specific to Collins Avenue and over $500k, we see 487 condos for sale with 122 closed sales so far this year averaging a selling price per square foot of $423 psf and selling at 89% of list price.

If we take the top 10% of 2010 luxury condo sales, we find an average sales price per square foot of $642 and an average asking price per square foot of $738 psf reflecting an average 13% discount for new buyers in the Sunny Isles Beach luxury real estate market. Last year 161 oceanfront condos over $500k sold via MLS with an average selling price per square foot of $420. The top 10 Sunny Isles Beach luxury condo sales from the last 90 days were found at Acqualina with 2 sales reflecting $785 & $714 per square foot. Turnberry Ocean Colony had 5 sales at $643, $625, $605, $552 & $704 per square foot. JADE Beach #3008 sold at $1.495M ($572 SP/SF) while Trump Royale had 2 sales at $494 & $457 per square foot..

Sunny Isles Beach condo inventory has decreased 11% year to date while sale to list price ratios are averaging 94% for the month of July. I’ll explore the fine analytics below and continue educating everyone interested in these traditional oceanfront condo towers known as Turnberry Ocean Colony South & Ocean Colony North Towers. What are the latest happenings & the very best condo deals at Turnberry Ocean Colony South & Ocean Colony North Towers in August 2010? On to the August Ocean Colony Condo details…

Price points at Turnberry Ocean Colony sold as low as $970,000 (record low) last year setting a new motion for buyer interest & condo sales in 2010. Prices today begin at $1.390M (2 Bedroom) and looking towards a fast turnaround with 4 recent pending contracts and 5 closed sales from $1.530M to $2.400M in the last 90 days. I believe Turnberry Ocean Colony South & North Towers will have a strong 2010 finish having noted the market bottom in 2009 with 26 closed sales averaging only $581 psf at steep buyer discounts. We should notice prices rising in the second half with the average asking price per square foot today at $831.

(http://16051CollinsAvenue.com) Turnberry Ocean Colony North Tower resales now have 10 (8% inventory) condos for sale ranging in values from $1.439M (02 Exuma Model) to $3.950M for a 5 Bedroom/5.5 bath, 33rd floor condo residence. The average Turnberry Ocean Colony North tower list price per square foot reflects $880 ($890 in June) with the average selling price per square foot from the last 6 months reflecting $568 psf at 531 days on market plus an averaged 90% sale to list price ratio (10% buyer discount).

Turnberry Ocean Colony North condo sales from the last 90 days report 4 resales including (Abaco model) #3701 selling at $1.950M or $703psf, Penthouse#3504 (Eleuthera model) selling at $2.4M ($643psf). We see 4 pending condo sales with asking prices from $1.350M to $2.890M as buyers take advantage of discounted pricing and a renewed confidence in the Miami Beach residential condo market.

There are only 4 Ocean Colony North residences ranging in asking values from $6,850 (2BR Exuma Model) to $17,000 for residence #2403 (Martinique model). Turnberry Ocean Colony North tower rentals had 1 condo rented in the last 6 months at $7,700 for an unfurnished (Abaco model) 3 Bedroom.

(http://16047CollinsAvenue.com) Turnberry Ocean Colony South Tower resales reflect 17 (13% inventory) condo residences averaging $796 per square foot with the high price on a Eleuthera model asking $5.850M and the building low on an Exuma model priced at $1.390M (4th floor). The average Turnberry Ocean Colony South tower list price per square foot reflects $796 with the average selling price per square foot from the last 6 months reflecting $648 psf at 207 days on market plus an averaged 95% sale to list price ratio (5% buyer discount).
Turnberry Ocean Colony South condo sales from the last 90 days report only 1 sale at a record low price of $1.530M ($552 psf) on condo #2801. Not one Ocean Colony South Tower condo residence is pending sale today.

There are 3 Turnberry Ocean Colony South rentals listed with asking prices ranging from $5,750 (furnished 2 bedroom) and upward to $8,000 for a 3 bedroom Abaco model. Residence #2304 & 2201 are pending at $11,000 and $9,000 respectively. The most recent rental was an unfurnished 5 bedroom renting at $8,000.

In Miami, it’s not so much the brokerage name recognition as it is in New York & other Countries but instead more so dependent on the agent or Realtor® you decide to hire to expose, promote, show & sell or lease your property. When hiring someone to sell or lease your Ocean Colony condo, look for strong global marketing with local market knowledge and a proven track record & reputation selling luxury condos along Sunny Isles Beach. I’m ready to get started and accepting new Ocean Colony Condo listings to market globally here and on other luxury condo websites. Please stop by and visit me for further details on a superior marketing plan (5 Step Marketing) and efficient results whether selling or leasing your oceanfront condo.
In 1Q 2010, I released a new addition to the Sunny Isles Beach condo collection with this Turnberry Ocean Colony Sunny Isles website to replicate the fun & success I’ve had with the JADE Condos Sunny Isles authority site. Price points at Turnberry Ocean Colony dropped approximately 20% in 2009 alone and have shown us sales as low as $1M last year while prices today begin at $1.390M and noting steady turnaround with 4 condos under contract this month.

Feel free to leave a comment and let me know what’s on your mind regarding Turnberry Ocean Colony South & Ocean Colony North Towers on Sunny Isles Beach or any other luxury condo tower along the Miami Dade County coastline. Enjoy and thank you for visiting!

Ashton Coleman | ONE Sotheby's International Realty

ONE Sotheby's International Realty is an independent real estate brokerage firm and has no affiliation with the Developer Turnberry Associates. ONE Sotheby's International Realty does not have authorization from the Developer of the Turnberry Ocean Colony Sunny Isles project to represent the Developer or make any representations about the project. No representations or other statements regarding the Turnberry Ocean Colony projects and the units, and no agreements with, deposits paid to, or other arrangements made with ONE Sotheby's International Realty are or shall be binding on the Developer. Please refer to the Developer's official project brochures, Turnberry Ocean Colony website and materials, and the documents furnished by the Developer pursuant to Florida Statutes Section 718.503 for information regarding the Turnberry Ocean Colony Miami project. Official Turnberry Ocean Colony project brochures and information can be obtained directly from the Developer at the project office or via the Developer's Turnberry Ocean Colony Miami website. Sotheby's International Realty® is a registered trademark licensed to Sotheby's International Realty Affairs LLC. Each office is Independently Owned and Operated.